Coral Disease and the Environment in the Pacific Ocean

<p>Coral diseases are a major threat to coral reef health and functioning worldwide. Little is known about how coral disease prevalence relates to multiple interacting changes in host densities, abiotic stressors, and levels of human impact. In particular, almost nothing is known about coral disease dynamics under changing abiotic conditions in the absence of direct anthropogenic stressors. Understanding how disease dynamics change relative to shifts in environmental conditions is crucial for the successful management and future survival of coral reefs. With the use of existing and novel field data and statistical modeling I examined the associations (abiotic and biotic) of multiple coral disease states across a variety of spatial scales encompassing a wide range of environmental conditions. Biomedical techniques were then used to relate these environmental associations to potential disease etiology. Study sites included areas with high levels of anthropogenic impact (e.g. Oahu, main Hawaiian Islands); to extremely remote quasi-pristine reefs removed from direct human influence (e.g. Palmyra Atoll National Wildlife Refuge). Over small spatial scales (100s m) at a marine reserve in the main Hawaiian Islands I modelled the spatial patterns of four coral diseases (Porites growth anomalies, Porites tissue loss, Porites trematodiasis and Montipora white syndrome). While Porites tissue loss and Montipora white syndrome were positively associated with poor environmental conditions (poor water quality, low coral cover), Porites growth anomalies and Porites trematodiasis were more prevalent in areas considered to be of superior quality (clearer water, increased host abundance, higher numbers of fish). At Palmyra Atoll, fatal tissue loss diseases were largely absent and although coral growth anomalies were present their prevalence was extremely low. Patterns of growth anomaly prevalence at Palmyra were positively associated with host abundance across four coral genera (Acropora, Astreopora, Montipora and Porites) and generally negatively associated with algal cover. Growth anomalies, although progressive and detrimental to the hosts, were most prevalent in the "healthiest" regions (the highest coral cover regions) of Palmyra. I hypothesised that differences seen in the types and prevalence of coral diseases between heavily populated parts of Hawaii and remote uninhabited locations such as Palmyra Atoll, could be a result of differing levels of either direct (e.g. pollution) or indirect (e.g. pollution leading to loss of key hosts) human stressors, in addition to natural changes in the environment. To begin disentangling the confounding effects of natural variability and human stressors on coral disease prevalence patterns I modelled two diseases (Acropora and Porites growth anomalies) across hundreds of sites throughout the Indo-Pacific Ocean (1000s km). Predictors included host densities, human population numbers, frequency of sea surface temperature anomalies, and input of ultra-violet radiation. Porites growth anomaly prevalence was positively associated with human population density (and to a lesser extent host density), while the prevalence of Acropora growth anomalies was strongly host density dependent. The positive association between the prevalence of Porites growth anomalies and human density suggests the presence and prevalence of the disease are related, directly or indirectly, to some environmental co-factor associated with increased human density at regional spatial scales. Although this association has been widely posited, this is one of the first wide scale studies unambiguously linking a coral disease with human population size. In summary, the types of coral diseases observed, their prevalence, and spatial patterns of distribution within reef systems are the result of multiple abiotic and biotic factors and stressors interacting, in some cases synergistically. Statistical modelling, in conjunction with biomedical techniques and field observations, proved essential to the understanding of coral disease ecology within single reefs and atolls to patterns across entire oceans.</p>

Hedge Funds, Arbitrage, and Timing

This paper is an extension of the work of Lawson and Schwartz (2018) which analyzes the risk-adjusted performance of hedge funds by employing a collection of four, five, seven, and eight-factor models. The purpose is to evaluate how well the top and bottom performing subset of hedge fund strategies have profited on known asset pricing anomalies during two unique time periods, 1994 to 2000 and 2001 to 2008. The bifurcation of the data into two distinct periods allows for a deeper exploration of the potential time-varying significance of estimated factor arbitrage. Our empirical testing suggests that both the top and bottom performing funds did utilize the asset growth anomaly to generate abnormal profits. Top performers tended to invest with a long emphasis on low asset growth, value firms while the bottom-five performing hedge fund strategies tested positive for a predilection towards going long small firms with low asset growth characteristics. Arguably, these outcomes probably align with the nature of the investment philosophy of each fund strategy. Interestingly, however, the time-varying significance of estimated coefficients for the value and returns momentum factors between the two distinct timeframes suggests either intentional or unintentional rotation between the use of available pricing anomalies and risk premiums.

Explaining the asset growth anomaly in the restaurant industry: Motivations and consequences

Many business leaders have the tendency to vigorously pursue rapid firm growth, but this focus is often criticized as problematic in terms of operating performance. Accordingly, this study suggested that the asset growth anomaly is an inevitable phenomenon for growing restaurant firms: operating profitability increases as assets grow to the optimum level and then decreases after this level. However, most restaurant firms invest their capital below the optimum level, and only a small number of restaurant firms increase their assets too rapidly. Further, the amount of a chief executive officer’s (CEO’s) bonus payments motivates their investments in asset growth, while the amount of stock options increases the probability of overinvestment practices in restaurant firms. Therefore, even though overinvestment practices are not apparent in most restaurant firms, an appropriate proportion of equity-based incentives is beneficial to prevent overinvestment practices by a few restaurant firms to avoid negatively impacting shareholders’ wealth.

White pine and Scots pine tree-ring chronologies as indicators of climate-related non-native and native tree growth patterns in Estonia

Three tree-ring chronologies of white pine (Pinus strobus), a species which are non-native to Europe, were constructed for Suuremõisa, Jädivere and Järvselja sites in Estonia. These chronologies were related to instrumental climate records and Scots pine (P. sylvestris) chronologies from nearby sites. Growth rates of P. strobus exceeded those of P. sylvestris. The chronologies of the non-native and native pine species relatively well correlated with each other. Moreover, tree-ring growth of both species correlated positively with late-winter and spring (February–May) temperatures and negatively with spring (April) precipitation. While P. strobus growth was positively associated with summer precipitation, the growth of P. sylvestris remained positively related to the growing season temperatures. Both species exhibited a negative growth anomaly from 1939 to 1942. Keywords: Pinus strobus, Pinus sylvestris, dendroclimatology, Estonia